Directors met yesterday at CART headquarters to discuss the way forward, voting finally to accept the proposal from the Open Wheel Racing Series (OWRS).
The OWRS, led by Gerry Forsythe, Paul Gentilozzi and Kevin Kalhoven, will, as expected, snap up the assets required to race next year once CART has declared bankruptcy.
A CART statement confirming the move is expected later today.
Quoted in the US media, Kalkhoven said: “It's all signed. We're funding the operation as of now. I expect a very quick transaction."
The original offer by OWRS had fell through after CART could not reach one of the conditions of the proposal – namely the number of teams lining up on the grid.
It left CART with little option other than to declare bankruptcy and allow Forsythe and co to pick up what it needed for a fraction of the cost originally put forward through its initial share acquisition offer.
CART CEO Chris Pook, who last week cleared his desk and moved out of his offices, has, as widely expected, been replaced by an interim CEO – Richard P Eidswick – the co-founder and managing director of venture capitalists Arbor Partners.
Pook will remain president of the board which runs the public company, but will no longer have any involvement in the racing association. The new owners have already stated they intend to take the series private once the deal is finalised. Pook is understood to have offered his services as a consultant.
The takeover could still take up to two months to be completed, but the agreement struck yesterday ensures the series can start planning and organising for 2004. It has already declared a calendar, with the first race due to take place in April.
Said Paul Gentilozzi: “Effective immediately, we're ready to begin work to implement our vision for Champ Car in 2004 and for many seasons beyond.
"Our purchase was with the express intent of supporting our teams and sponsors competing now and in the future.
"Therefore, as a show of strength and good faith, Open Wheel has accepted the liability of almost $2.7 million in 2003 prize monies which we will pay to our teams that elect to participate in the 2004 Champ Car season.
"There's been a great deal of speculation about car count for next year.
"We talk to our teams on a daily basis and we're more than confident that we'll have a full field of cars in 2004. In addition, we anticipate new team and driver announcements in the very near future."
